facebook
twitter
search
search

Zynga stock tumbles after gaming stumble

Posted By GABRIELLE LEVY, UPI.com   |   July 26, 2013 at 5:08 PM

Shares for online gaming company Zynga fell sharply Friday after the company decided to halt efforts to launch real-money gaming Thursday.

The San Francisco-based company saw shares (ZNGA) fall to $3.01, down 14 percent, the largest single-day drop since last July, at one point hitting a nadir of $2.81.

“While the company continues to evaluate its real-money gaming products in the U.K. test, Zynga is making a focused choice not to pursue a license for real-money gaming in the U.S.,” the company said in a statement.

This week's disappointment comes after a year of optimism -- and 48 percent stock growth -- that Zynga could tap into the gambling market and turn it into real revenue.

Zynga also said user access had dropped and forecast lower third-quarter sales.

Related UPI Stories
Top Stories
Why the fake braces trend may be dangerous for users
Jared Leto 'stopped eating' for his 'Dallas Buyer's Club' role
Kelly LeBrock arrested for DUI
Gisele Bundchen, Tom Brady drop $14M on Manhattan home
Brandi Brandt faces drug charges in Australia